Serbian Officials said the Yugoslav-made single-engine Super Galeb G-4 crashed on April 7 near the village of Slatina, about 50 kilometers from Belgrade during a routine training flight.
The ministry said the cause of the crash was not immediately known and that an investigation had been launched.
The Super Galeb G-4 is used for training, as well as military missions.
Serbia has 22 Galeb aircraft from the Yugoslavia era, but only nine are still in service, officials said. The plane that crashed was made in the 1980s, state media reported.
The Associated Press quoted witnesses as saying the jet was flying low over the area before diving toward the ground.
A military airplane crashed on Friday morning in the village of Slatina, in the Ub municipality southwest of Belgrade, the Ministry of Defense has confirmed.
The MoD has confirmed that both pilots died in the crash that happed during routine flight training.
The victims have been named as Lt. Col. Nenad Culibrk and Capt. Dejan Pandurovic.
According to Beta, the plane crashed at around 10:30 CET near auxiliary buildings of a farming household; however, nobody on the ground was injured.
Three ambulances were at the scene that was secured by the police.
Eyewitnesses said the plane flew low above the village of Varna before crashing. According to unofficial information, the aircraft caught on fire before hitting the ground.
Earlier, the MoD said the plane was a G-4 Super Galeb two-seater, used in pilot training, and that a search operation was under way for the missing pilots.
Serbian Air Force and Air Defense (RV PVO) commander Gen. Maj. Ranko Zivak joined the rescue team.
The website Tango Six is reporting today that the Serbian Air Force had 22 G-4 planes, manufactured in the period between 1980 and 1991.